Average bank lending rate on fresh loans up by 17 bps on month to 9.54% Oct
This story was originally published at 19:47 IST on 29 November 2024
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--RBI: Weighted avg rate on new bk deposits 6.44% Oct, dn 10 bps from Sept
--RBI: Weighted avg rate on new bk loans 9.54% Oct, up 17 bps from Sept
MUMBAI - The weighted average lending rate on fresh rupee loans of scheduled commercial banks stood at 9.54% in October, higher than 9.37% in September, as per data released by the Reserve Bank of India on Friday.
On a month-on-month basis, the data showed that the lending rates for public sector banks on fresh loans were rising faster compared with the private sector banks and foreign banks. The weighted average lending rate of public sector banks rose 14 basis points on month to 8.71%, while those of private banks were up by 2 basis points at 10.35% and foreign banks were down 5 basis points at 9.36%.
The weighted average on outstanding rupee loans remained unchanged on month and stood at 9.90%. The one-year median marginal cost of fund-based lending rate of scheduled commercial banks increased to 9% in November as compared to 8.95% a month ago.
In the case of deposits, the weighted average domestic term deposit rate on fresh rupee term deposits of banks stood at 6.44% in October, down 10 bps on month.
The weighted average domestic term deposit rates of public sector bank fell by 12 bps on month to 6.90%, but the rates of private banks and foreign banks fell by 4 bps and 5 bps, respectively. The weighted average domestic term deposit rate on outstanding rupee term deposits was 6.96% in October, higher compared with 6.95% a month ago. End
Reported by Kshipra Petkar
Edited by Akul Nishant Akhoury
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